Selling a home is a stressful event. The homeowner has many questions that a listing agent should be able to answer. Expired, canceled, and withdrawn listings are off-market leads that can be converted into clients. It is essential to understand the difference between these three statuses. Expired sellers are often frustrated and angry with their previous agent. Determining their mindset before approaching them with expired listing scripts is essential.
Contact the Owner
Expired or withdrawn listings are some of the most influential and valuable seller leads for real estate agents. It’s estimated that for every 25 expired listings contacted, one listing appointment is secured. That’s a pretty good return on your investment. When a home is withdrawn from the Multiple Listing Service (MLS) by its owner, it doesn’t necessarily mean it has sold or is no longer available. It may still appear on realtor sites. It could also be relisted later or sold to a new buyer by its current agent. In some cases, the home’s owners may decide to withdraw their listing for various reasons. For example, they may want a break from showing their home during the holidays or for personal reasons and intend to return it to the market later. Or, perhaps their initial listing agent was unresponsive or failed to follow up with them. It’s important to know that if the home is labeled as “withdrawn” in the MLS, the sellers’ exclusive right to sell the contract with their original agent remains in effect. Until that contract expires or is terminated, other real estate agents should not ask the homeowners about selling their home. Once you’ve identified listings due to expire soon, contact the homeowners to find out if they’d be interested in working with you. However, be mindful that homeowners of withdrawn listings are likely to receive many calls from other agents, so you’ll need to stand out in a way that is respectful and shows that you have the best interest of your client in mind.
Send an Expired Listing Letter
Expired listing letters are an excellent way to reach property owners and set themselves apart from the other agents they’ve received phone calls from. You may also want to create a dedicated number, call handle, or even an email address specifically for reaching out to expired listings so you can track the results of your campaigns and measure your effectiveness. A well-crafted expired listing letter will convey empathy and a clear sales path and showcase your knowledge of the property and the market. It’s essential to research before writing an expired listing letter, including learning as much as possible about the previous agent who handled the listing and any other factors that could have contributed to its unsuccessful sale. The best-expired listing letters are sent the day a listing expires or at least within 24 hours. They’re often handwritten and include a small treat, such as a Starbucks card, to capture the owner’s attention. You’ll also want to include a call to action, and as with all your marketing, an empathetic tone that makes you stand out from the other agents who have been contacting them is critical. To make your message stand out, consider supplementing the letter with a free market report or other valuable information that shows you care about the homeowner’s property and can provide additional value to their sale.
Schedule an Appointment
As you approach each prospect, you need to understand them. While it may be easy to assume they’re upset about their listing or disappointed with their prior agent, you must determine their central concerns and how they might be solved. You can gather this information during your initial interaction or even in your first outreach email by using a personalized greeting that shows you’ve done your research. This insight lets you provide a solution during your appointment with the seller. Adding value can be a big part of getting a seller to open up during their meeting. For example, you can offer a comparative market analysis (CMA) on their property and explain how that could help them sell or buy their home. Or, you can suggest they hire you to give their home a makeover or stage it to improve curb appeal. Another way to add value is to mention that sold listings have a higher chance of selling quickly and for more money than expired ones. This can give you credibility with the prospect and reassure them that you have the expertise to sell their home quickly. You can also use your experience to explain how the market is shifting and what that means for sellers in their area.
Create a Marketing Plan
A marketing plan is a document that summarizes your goals, tactics, and plans for a specific period. When preparing your listing presentation, ask the seller what they believe went wrong with their previous agent. Listen carefully to their answers and use them to highlight the value you’ll bring to the listing. For example, if they said their previous agent didn’t return their calls, you could note that you call all your clients at least once per week and will answer any questions within 24 hours. This will demonstrate that you are committed to providing excellent customer service and will help build trust with the seller. If the listing had poor-quality photos, you could point out that you will provide high-quality, staged photos and will take the images at an angle that reveals more of the house than just a wall or corner. This will show that you are a proactive, knowledgeable, and caring professional who will help sell the home as quickly as possible. You can also offer a virtual tour, floor plan, 3D walkthrough, and other features to set the property apart. Make sure to include accurate and useful file names and alt text for all photography to improve SEO and ensure that the content can be seen by buyers who are using screen readers.
